Voya Investment Management LLC Grows Stock Holdings in Southside Bancshares, Inc. $SBSI

Key Points

• Voya Investment Management LLC increased its holdings in Southside Bancshares, Inc. by 44.5% during the 1st quarter, reaching a total of 46,004 shares valued at approximately $1.33 million.
• Southside Bancshares recently declared a $0.36 quarterly dividend, resulting in an annualized yield of 4.9% and a payout ratio of 51.06%.
• Brokerages have recently updated their ratings on the stock, with a consensus price target of $34.50, indicating a general "Hold" rating among analysts.

Voya Investment Management LLC grew its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 44.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,004 shares of the bank's stock after acquiring an additional 14,164 shares during the period. Voya Investment Management LLC owned about 0.15% of Southside Bancshares worth $1,332,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in Southside Bancshares in the first quarter valued at $1,520,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Southside Bancshares by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the bank's stock worth $2,038,000 after acquiring an additional 6,459 shares during the period. Empowered Funds LLC raised its position in shares of Southside Bancshares by 5.4% in the first quarter. Empowered Funds LLC now owns 82,211 shares of the bank's stock worth $2,381,000 after acquiring an additional 4,198 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Southside Bancshares in the first quarter worth about $537,000. Finally, Pingora Partners LLC acquired a new position in shares of Southside Bancshares in the first quarter worth about $1,207,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

Southside Bancshares Trading Down 2.3%

NASDAQ SBSI opened at $29.46 on Tuesday. Southside Bancshares, Inc. has a one year low of $25.85 and a one year high of $38.00. The firm has a 50 day simple moving average of $30.32 and a 200-day simple moving average of $29.28. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $886.04 million, a price-to-earnings ratio of 10.12 and a beta of 0.70.

Southside Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a $0.36 dividend. The ex-dividend date was Thursday, August 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.9%. Southside Bancshares's payout ratio is currently 51.06%.

Analyst Ratings Changes

A number of brokerages have weighed in on SBSI. Keefe, Bruyette & Woods upped their price objective on shares of Southside Bancshares from $32.00 to $33.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Stephens reiterated an "equal weight" rating and issued a $36.00 price objective on shares of Southside Bancshares in a research report on Friday. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $34.50.

Southside Bancshares Company Profile

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposits.

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